IRA savings account
Terry, I am a 62yo working widow. When my husband passed, his work IRA’S transferred to me. Most are invested, but I put the remaining $100,000 in a bank IRA savings account for save keeping. It is earning virtually nothing. I am not sure what else I can do with this IRA money. Is there such a thing as high yield IRA savings? Thank you for your input.
Terry Says
There certainly is — and you can do a direct IRA rollover to another bank, which should pay you at least 4% for 6 months or one year. So when you walk into your bank and tell them you’re planning to move your IRA, I’m betting they will offer you that 4% (or better) rate!
If not, read this: https://www.terrysavage.com/rollover-now/
You can certainly get that higher rate in a money market account at Fidelity or Vanguard.
And it’s important to know whether you kept the inherited IRA separate, which could involve a 10-year withdrawal process, or whether you rolled it into your own IRA, in which case you can wait until age 73 to take mandatory RMDs. Ask your IRA custodian.
